Stamp duty higher rate question..

danfitzjohn wrote: »

Thanks everyone for your input on this. I think it's ridiculous the fact I have never owned a home to live in this country, i have invested in property as buy 2 let (and already paid stamp duty) and now I come back to live and have to pay a ridiculous amount of stamp duty on my first home!


I am aware that my situation is probably quite unique and would like to dig a bit further as i am of the opinion that buying my first 'home' I shouldn't be penalised with higher rate of stamp duty!

You make it sound like investing in BTL property is doing the country a favour.

The aim of taxing you on your main residence is essentially a way of backdating the tax on your BTLs. You will collectively own four properties. I appreciate that it isn't palatable, but your situation is not unique.

You only avoid the tax by moving into one of your three houses or selling all of them. There is actually a choice.

Maybe these links might help, it certainly seems on the face of it to be in your favour.

http://www.telegraph.co.uk/investing/buy-to-let/the-stamp-duty-tax-loophole-that-could-save-buyers-thousands/
"For existing property owners to be exempt, they must be buying a main residence rather than a second home or investment property and have previously owned another main residence that they sold at any time before the announcement of the stamp duty surcharge on November 26 2015.
Anyone who fits these criteria has until November 26 2018 – three years after the announcement in last year’s Autumn Statement – to buy an additional home without paying the extra stamp duty.
For example, a landlord who owns buy-to-let properties but currently lives in rented accommodation and sold their previous home before November 2015 can buy a new home without paying the surcharge."


http://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-stamp-duty-will-you-have-to-pay/

"Many own their own home, plus a buy-to-let or holiday home, and want to know whether they will face the higher charge if they sell their main home and upsize, or downsize, to a new property.
The Treasury consultation confirms they will not pay the higher charge as they will be purchasing a home, rather than a secondary property.
This effectively means that the change will not be applied retrospectively to people who already own more than one property."

danfitzjohn wrote: »

We have recently repatriated back to Uk after 10 years overseas and are in the process of buying our first home

We have 3 buy to let properties between us both but have never lived in them or have ever had a main residence in UK.

slightlychilled wrote: »

Maybe these links might help, it certainly seems on the face of it to be in your favour.

http://www.telegraph.co.uk/investing/buy-to-let/the-stamp-duty-tax-loophole-that-could-save-buyers-thousands/
"For existing property owners to be exempt, they must be buying a main residence rather than a second home or investment property and have previously owned another main residence that they sold at any time before the announcement of the stamp duty surcharge on November 26 2015.
Anyone who fits these criteria has until November 26 2018 – three years after the announcement in last year’s Autumn Statement – to buy an additional home without paying the extra stamp duty.
For example, a landlord who owns buy-to-let properties but currently lives in rented accommodation and sold their previous home before November 2015 can buy a new home without paying the surcharge."


http://www.telegraph.co.uk/investing/buy-to-let/buy-to-let-stamp-duty-will-you-have-to-pay/

"Many own their own home, plus a buy-to-let or holiday home, and want to know whether they will face the higher charge if they sell their main home and upsize, or downsize, to a new property.
The Treasury consultation confirms they will not pay the higher charge as they will be purchasing a home, rather than a secondary property.
This effectively means that the change will not be applied retrospectively to people who already own more than one property."

Those only apply if you are selling your own home and buying another home that you will live in.

danfitzjohn wrote: »

Thanks everyone for your input on this. I think it's ridiculous the fact I have never owned a home to live in this country, i have invested in property as buy 2 let (and already paid stamp duty) and now I come back to live and have to pay a ridiculous amount of stamp duty on my first home!
....................
Does anyone have any ideas??


Thanks in advance!

Other ideas? Yes: No offence but, if you don't like the rules, laws or taxation regime of any particular country you are always at liberty to live elsewhere.